7 Deadly Sins to Avoid in the Age of Disruption

RE Knowledge

1. Denial Assuming a new, disruptive business model will be unsuccessful simply because: A similar concept failed in the past When the current market turns, either for better or worse, everything will go back to “normal” 2. Dismissal Attributing the success of a new business model to geographic location and/or extraordinary market dynamics, rather than sound business principles and practices; for example, “It may work just fine in San Francisco, but it will never work in my market!” 3. Disregard Overlooking the customer experience, while promoting the complexity and emotionality of the current process to help justify professional assistance during the transaction. 4. Disdain Blaming the millennial generation for the current disruptive business environment and hope when they finally mature business practices will revert back to the “good old days.” 5. Delusion Refusing to acknowledge breakthrough ideas or new ways of thinking simply because they threaten self-imposed beliefs of how and why things should be done. 6. Desperation Surrounding yourself at every level with people who look, act and think just like you do in an attempt to preserve and perpetuate the status quo. 7. Dysfunction Expecting team members to actively embrace company goals and objectives without first understanding why the company is in business, what the organization hopes to accomplish and how success will benefit all stakeholders and the communities they serve. When confronted with disruption and uncertainty, it is not uncommon to take refuge in the past and disparage anything new or uncomfortable. Turtling-up under pressure and hoping for the best is not a good business strategy. Facing the future alone, without proper support and guidance, is risky when the world is changing so fast and the resources needed to succeed are growing exponentially. If you have questions, comments or suggestions for episodes, email me at [e-mail].